At this moment I am really bullish on this retracement from 9.9k, (which was the 1.272 profit taking level from the swing high at 6.4k). We are having an extended XWY correction forming a falling wedge pattern with targets around 7.8k - 8k for a potential breakout and the start of 5 new impulse waves that would take us above 10k finally. Failing this 0.618 level would invalidate this whole move and i would start being bearish even though there is a last chance to bounce at local 0.768 at around 7.2k (i think).
Notice there is also a big triangle in play from first 6k bottom to 11.7k local top which could continue developing within the next few months with another leg down to around 7k and finally the leg up that breaks this triangle (the pink one).
Notice there is also a big triangle in play from first 6k bottom to 11.7k local top which could continue developing within the next few months with another leg down to around 7k and finally the leg up that breaks this triangle (the pink one).